We've all seen the clips over the last week; auto executives getting skewered by Congress for flying private planes and making exorbitant bonuses. It certainly makes for dramatic sound bites despite the fact that it completely misses the mark when it comes to what's really ailing the auto industry. However, these auto executives generally displayed a shocking lack of preparation and planning. It's not unreasonable for Congress to demand that the auto industry show a solid plan for how any bailout money would be spent. But where was this same demand for accountability and planning when Washington earmarked 700 billion dollars for the housing industry? Has anyone demanded that these CEOs fly coach or give up their outrageous bonuses? Have we demanded to see their plan for future solvency? Why, despite almost daily examples of ineptitude or greed, do lenders still avoid having to show accountability and competency?
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